Big Blue University has a fiscal year that ends on June 30. The 2022 summer session of the university runs from June 8 through July 25. Total tuition paid by students for the summer session amounted to $118,000.

Required:

1. How much revenue should be reflected in the fiscal year ended June 30, 2022?

Note: Do not round intermediate calculations.

1. Would there be a change in the revenue reflected if the university had a tuition refund policy that no tuition would be refunded after the end of the third week of summer session classes?